This week on Uncommon Knowledge with Peter Robinson, Hoover economist John B. Taylor takes issue with the Obama administration’s economic policies and explains why the recovery is the slowest in U.S. history.

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What I don’t understand is, why do Austrian economists still talk about 2% “growth” if it’s really just treading water, at best.

Speaking as a layman, I find it really confusing and wish they’d develop a new term for the trajectory of an economy in which the government keeps dramatically misallocating resources, and borrowing and printing money in a way which disincentivizes investment in future growth and imposes massive future taxes. It doesn’t sound like “growth” is anywhere in the tea leaves.